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I frequently see comments and questions about collector car insurance policies. I try to comment and answer whatever I can as I'm browsing through the forum but comments get lost over time. I thought I'd make a specific thread so this topic can be easily searched and as things change, a single point to provide new information.

First, I should explain that I am an Insurance broker. I do not work for any one specific company. In essence I own a store, insurance companies manufacture the products (policies) I sell. Insurance is a complicated product which requires a lot of information and communication to arrive at the correct policy for your needs. I'm not here in a professional capacity; I am a fellow BMW enthusiast looking to contribute something to the community. What I post is general information, accurate to the best of my knowledge. My intention has always been to provide good information and dispel myths to give you an informed position. Before making any decisions about your own specific situation, please have a discussion with your own broker, agent, or service representative.

Many companies offer collectible car coverage in conjunction with the other cars you have insured with them, Intact and Dominion of Canada to name a few, but they are generally more "Antique auto" focused.

There are a few companies that offer a stand-alone policy for collector cars. The only company I work with for this type of product is Hagerty (underwritten by Aviva Canada), so I'll be focusing primarily on them. I know there are other companies that offer similar products so please post what you have found and I will do my best to research and answer what I can.

We provide liability, accident benefits and loss or damage coverage for collector vehicles that are owned for limited pleasure driving, car shows, and club events. We do not offer coverage on regular-use vehicles driven on a daily basis. We provide full insurance coverage for a variety of vehicles at least 15 years old*, including:

Antique & Classic Cars

Military Vehicles

Modern Classics

Muscle Cars

Exotic and Special Interest*

Replicas

Street Rods

Antique Farm Tractors**

Trailers

Trucks

Vehicles Under Active Restoration

Antique Fire Trucks

*Exotic and Special Interest vehicles 0-14 years old may also be considered in British Columbia, Nova Scotia & Ontario.
**Antique farm tractors can only be considered in Ontario and Nova Scotia.

Do you Qualify?

At Hagerty, we offer insurance to people who are passionate about cars. In order to provide the best coverage at competitive rates, we must consider usage and storage of the collector vehicles, as well as driving records and regular-use vehicles for all household drivers.

Usage: Vehicles insured in our program must be used on a limited basis consistent with the operation of something valuable, such as club functions, exhibitions, organized meets, tours and limited pleasure driving.

Storage: Collector vehicles must be stored in an enclosed and secure structure when not in use. Qualifying storage locations include private residential garages, private pole buildings or barns and rental storage units.

Driver Eligibility: Generally, one or two minor violations or accidents are acceptable for our program. We will not accept major violations such as any alcohol/drug violation or reckless driving which occurred within the last 3 years. Applicants and household drivers must have 10 or more years driving experience. All household driving records are subject to review by an underwriter.

Regular-Use Vehicles: All licenced household drivers must have a regular-use vehicle for daily driving. Applicant must also maintain regular-use insurance in his or her own name. Motorcycles and public transportation are not considered regular-use vehicles for our program.

Not Accepted:

We do not offer an insurance product for the following types of vehicles:

Regular-use vehicles driven on a daily basis.

Any vehicles used for camping, off-road or utility-type driving.

Vehicles that are used for racing, timed events, autocross or drivers education.

High production late model vehicles and pick-ups(1980 and newer) with no special characteristics as outlined in the guidelines, including several luxury makes/models such as Audi, BMW, Lexus or Mercedes Benz.

High performance vehicles with a top speed of 298 kph and the operator(s) does not have experience driving a similar vehicle for at least 3 years or has less than 25 years driving experience in Canada or the United States.

Late model vehicles (1985 and newer) that have been highly customized for appearance or performance. Commonly referred to as "Tuner."

Vehicles that are highly customized for appearance and suspension. Commonly referred to as "Low-rider."

Right-hand drive vehicles newer than 25 years, specifically those that are imported from Japan such as Nissan Skyline and Toyota Supra or Landcruiser.

Motorcycles or scooters.

Antique farm tractors. Exception: These can be considered in Ontario & Nova Scotia only.

Vintage commercial vehicles. Exception: These can be considered in Ontario & Nova Scotia only.

Replicas of the 1963-1967 Shelby Cobra Roadsters.

Dune buggies.

Motor homes or recreational vehicles.

Coverage may not be available in all provinces and territories. This is only a general description of coverage.

Hagerty reserves the right to evaluate all risks before coverage is made effective. No coverage is in place until you receive specific notification from Hagerty.

__________________
1998 328ic - Sold

Last edited by hockeyfan27; 05-28-2014 at 12:19 PM.
Reason: formatting

Almost all of you are after a "Special Interest Vehicle" or "Modern Classic" policy.

these are the definitions Hagerty provides:

Special Interest
These vehicles are tomorrow's classic cars. Sports cars and/or special-edition vehicles are characteristics of Special Interest. Most hobbyists would consider a Special Interest vehicle collectible once it becomes 25 years old.

Types of Special Interest Vehicles:

Limited edition or anniversary vehicles

Low production sport and performance cars

Special production numbered vehicles (the first or last produced)

Special race cars with a racing history

Celebrity or special promotional cars

Unique or limited availability options (engine)

Vehicles that are examples of a manufacturer's unique place in history

Special Interest vehicles are typically newer stock vehicles, 15 years old or older* that have production numbers of 25,000 or less per year.
* Special Interest vehicles 0-14 years old can be considered in British Columbia, Nova Scotia & Ontario.

Guidelines for "Special Interest" Vehicles:

Vehicles must be in excellent condition.

Vehicle’s minimum insured value must be $7,500.

Car should not be driven more than 4,000 kilometres per year.

Regular-use vehicles should be not more than 5 years old and in excellent condition.

When considering a vehicle 0-14 years old, a minimum $2,500 collision and comprehensive deductible is required.

Modern Classics
At one time, specialty insurance companies stated that any vehicle 25 years old or older was collectible. Today, however, this is not the case. Automaker production numbers significantly increased in the 1970s and quality standards fell as many manufactures rushed to bring vehicles to the market. Because of this increase in production, we still see many 1970s and early 1980s vehicles driven daily.

There are two criteria that we use to identify collectible vehicles from the 1970s and early 1980s. First, the vehicle must show a trend of an increasing market value. Second, an owner of a 1970s or early 1980s vehicle must demonstrate that he or she is treating the vehicle like a collectible.